Feb 28, 2024
Join Jenny on the Jenesis Gem Podcast as she welcomes Michelle Hoskins from Standards International in London to discuss a vital yet often overlooked topic: financial abuse. Michelle sheds light on the role financial advisers can play when encountering clients experiencing financial abuse and economic harm, emphasising its global prevalence across all demographics.
Trigger warning: This episode addresses sensitive content related to financial abuse, with a focus on providing support and resources for financial advisers confronted with this issue.
Michelle explains the concept of financial abuse and its alarming
prevalence, outlining the pathway to the creation of the Financial
Abuse Specialist Certification in collaboration with Australian
Financial Adviser Amanda Cassar. Jenny engages Michelle on the
steps financial advisers can take to obtain certification in this
field and highlights key red flags to watch for.
In scenarios where a client is clearly experiencing abuse, both
domestic and economic, Michelle advises on immediate actions,
including encouraging the client to contact the authorities if in
immediate danger. She provides valuable resources and organisations
for support, emphasising the importance of specialised assistance
in complex cases of domestic abuse.
MH: The first thing to do is to identify if your client is in any
immediate danger. If so, encourage them and/or support them to
phone the police. It is key that you do not put yourself in any
immediate danger, but if this is the case, you can also call the
police for yourself if you feel you are not safe.
Check out Michelle's Standard's International Financial Abuse -
Useful Resources guide (available on the Jenesis website
www.jenesis.net.au) or head to the
www.cwes.org.au website.
In addition, encourage and support your client to reach out to a
friend, family member, work colleague or, line manager or even
their GP. Domestic abuse is a complex area and needs to be
supported by specialists and experts in these areas.
As they are your client, please make sure that you reassure them
that you are here to help them and support them through this
without any judgment.
For information on the Standards International Financial Abuse
Specialist Certification, head
here.
This is an episode not to be missed!
Disclaimer: If you should feel that you, or
someone you know, is in immediate danger, please call the Police on
000 or call 1800RESPECT, a 24/7 hotline and speak with someone
today.